WASHINGTON—The threat of a 10% credit card interest rate cap moved from rumor to reality Thursday, after Rep. Maxine Waters (D-CA) offered a rate-cap amendment during the House Financial Services Committee’s full markup.
The amendment was ultimately ruled non-germane to Rep. Andy Barr’s (R-KY) underlying bill after Barr raised a point of order, and Chairman French Hill agreed, preventing the measure from advancing, reported Jason Stverak, Defense Credit Union Council chief advocacy officer.
The development followed early warnings from the Defense Credit Union Council, which sent a letter to the Committee early Thursday urging lawmakers to reject any 10% cap proposal. The episode underscores that rate-cap legislation is no longer hypothetical and remains a live policy threat in Washington, even when procedural hurdles block specific amendments.
Earlier Thursday, DCUC cautioned that a blanket 10% cap could restrict access to credit, particularly for military members and veterans, while weakening financial readiness and disrupting responsible lending models at credit unions. While the amendment failed on procedural grounds, the push signals that credit card rate-cap proposals continue to carry political momentum and could resurface in future legislation.